The well-known media magnate Leo Kirh has died at the age of 84 years
on July, 14th the most well-known German media magnate Leo Kirh has died at the age of 84 years in the house in Munich. Its surname of Kirh was included into textbooks on journalism. Causes of death of the magnate are not informed, though for an appreciable length of time he suffered warm insufficiency and a diabetes, from - for which has partially gone blind.
In the middle of the last century Leo Kirh was the most influential businessman in the field of mass-media in Germany. He has created the huge enterprise more than with one hundred affiliated firms. In 1955 it has based firms Sirius Film and Einkauf GmbH, in 1959 - m — Beta Film, in 1963 — Taurus Film. All these companies were engaged in sale of the rights to demonstration of films and telecasts. Then Kirh has based some more enterprises which have made a group of companies of Kirh. In 1980 - h years the businessman has got 10 - a percentage share holding of media concern Axel Springer, and has then increased the share almost to half.
Besides publishing house Axel - Springer in the end of 1980 - h years Kirh has taken shares of TV channel Sat 1. Also to it belonged a controlling interest “ Formulas - 1 “ TV channel ProSieben, and also paid TV channel Premiere. It supervised the most part of German and a part of the European media market. Recently Kirh owned 17,1 % of shares of company Constantin Medien AG, informs RIA Novosti news agency.
In 1990 - h years of a group of companies of Leo Kirha have met financial difficulties. The reason consisted in too big investments into paid TV channels and too small return. In April, 2002 the enterprise which has typed more 7 mlrd euro of debts, declared bankruptcy. It became the largest for all history of post-war business in Germany.